Fannie Mae 2007 Annual Report Download - page 144

Conventional
(3)
Government
(4)
Conventional
(3)
Government
(4)
Conventional
(3)
Government
(4)
Single-Family
(1)
Multifamily
(2)
Total
As of December 31, 2006
(Dollars in millions)
Mortgage portfolio:
(5)
Mortgage loans
(6)
. . . . . . . . . $ 302,597 $20,106 $ 59,374 $ 968 $ 361,971 $21,074
Fannie Mae MBS
(6)
. . . . . . . . 198,335 709 277 323 198,612 1,032
Agency mortgage-related
securities
(6)(7)
. . . . . . . . . . 29,987 1,995 — 56 29,987 2,051
Mortgage revenue bonds . . . . 3,394 3,284 7,897 2,349 11,291 5,633
Other mortgage-related
securities
(8)
. . . . . . . . . . . . 85,339 2,084 9,681 177 95,020 2,261
Total mortgage portfolio . . . . . . 619,652 28,178 77,229 3,873 696,881 32,051
Fannie Mae MBS held by third
parties
(9)
. . . . . . . . . . . . . . . . 1,714,815 19,069 42,184 1,482 1,756,999 20,551
Other credit guaranties
(10)
. . . . . 3,049 — 16,602 96 19,651 96
Mortgage credit book of
business . . . . . . . . . . . . $2,337,516 $47,247 $136,015 $5,451 $2,473,531 $52,698
Guaranty book of
business . . . . . . . . . . . . $2,218,796 $39,884 $118,437 $2,869 $2,337,233 $42,753
Conventional
(3)
Government
(4)
Conventional
(3)
Government
(4)
Conventional
(3)
Government
(4)
Single-Family
(1)
Multifamily
(2)
Total
As of December 31, 2005
(Dollars in millions)
Mortgage portfolio:
(5)
Mortgage loans
(6)
. . . . . . . . . $ 299,765 $15,036 $ 50,731 $1,148 $ 350,496 $16,184
Fannie Mae MBS
(6)
. . . . . . . . 232,574 1,001 404 472 232,978 1,473
Agency mortgage-related
securities
(6)(7)
. . . . . . . . . . 28,604 2,380 — 57 28,604 2,437
Mortgage revenue bonds . . . . 4,000 3,965 8,375 2,462 12,375 6,427
Other mortgage-related
securities
(8)
. . . . . . . . . . . . 85,698 1,174 — 43 85,698 1,217
Total mortgage portfolio . . . . . . 650,641 23,556 59,510 4,182 710,151 27,738
Fannie Mae MBS held by third
parties
(9)
. . . . . . . . . . . . . . . . 1,523,043 23,734 50,345 1,796 1,573,388 25,530
Other credit guaranties
(10)
. . . . . 3,291 — 15,718 143 19,009 143
Mortgage credit book of
business . . . . . . . . . . . . $2,176,975 $47,290 $125,573 $6,121 $2,302,548 $53,411
Guaranty book of
business . . . . . . . . . . . . $2,058,673 $39,771 $117,198 $3,559 $2,175,871 $43,330
(1)
The amounts reported above reflect our total single-family mortgage credit book of business. Of these amounts, the
portion of our single-family mortgage credit book of business for which we have access to detailed loan-level
information represented approximately 95%, 95% and 94% of our total conventional single-family mortgage credit
book of business as of December 31, 2007, 2006 and 2005, respectively. Unless otherwise noted, the credit statistics
we provide in the “Credit Risk” discussion that follows relate only to this specific portion of our conventional single-
family mortgage credit book of business. The remaining portion of our conventional single-family mortgage credit
book of business consists of Freddie Mac securities, Ginnie Mae securities, private-label mortgage-related securities,
Fannie Mae MBS backed by private-label mortgage-related securities, housing-related municipal revenue bonds, other
single-family government related loans and securities, and credit enhancements that we provide on single-family
mortgage assets. Our Capital Markets group prices and manages credit risk related to this specific portion of our
conventional single-family mortgage credit book of business. We may not have access to detailed loan-level data on
these particular mortgage-related assets and therefore may not manage the credit performance of individual loans.
However, a substantial majority of these securities benefit from significant forms of credit enhancement, including
122